Weird fish has strong 2024, performance continues into 2025
It comes after the company had earlier said that it expected to open 10 new locations in 2025 following its 9% sales rise to £11.4 million in the November-December festive trading period. It had also seen double-digit increases in wholesale, e-tail, via its concessions and third-party channels for the Christmas season — with third-party seeing a 128% surge. Its third-party partners include Next, Mountain warehouse, Freemans and Matalan.
So what about those full-year 2024 results? Weird Fish Holdings Limited said it saw turnover rising to £42.6 million from £38.2 million last year. Gross profit was £27 million, up from £21.26 million, and operating profit was £4.17 million, up from £1 million a year earlier. Profit before tax was £2.94 million, more than double the £1.34 million of the previous period. And net profit was £2 million, up from £1.1 million a year ago.
Within the business, another company, Weird Fish Limited, reported the same turnover and gross profit figures with slight differences on operating profit. In this case, profit before tax was £4.2 million, up from £1.4 million and net profit was £3.3 million up from £1.1 million.
Weird Fish Holdings highlighted the ongoing strategic opening of resort and destination stores to balance its multi-channel offering that continues to pay dividends with its retail division growing by 7.6% to £15.6 million. Online revenues also grew 16.8% to just under £20.9 million with its channel contribution growing 44.1% as it successfully focused on an increase in average transaction value and building margins.
Meanwhile international revenues increased by 8.5% to £1.37 million. This was a combination of sales via both e-commerce and B2B channels. The introduction of Global-e in 2024 was a key element in driving international revenues, it said.
Pleasingly as well, following 'attrition in 2023', its wholesale business has developed 'on a stronger base of accounts with revenue increasing by 3.2%' to £6 million.
In the commentary that came with the figures, the company said it performed very strongly during the period, 'having implemented a number of case strategic improvement initiatives during the year'.
These included continued route-to-market optimisation, with accelerated investment in delivering third-party platforms in order to expand its reach and brand awareness. It also undertook a considered physical expansion with six new stores and 28 concessions opened in the year. The margin improved as well with a particular initial focus on full price. And it paid great attention to sourcing during the year, which helped boost the gross margin.
It added that the pace of operational improvement has continued into 2025 as its strategic initiatives continue to be delivered and expanded, including enhancing its product ranges. The company explained that the developments have been 'very positively received' and it has seen a further increase in profitability this year so far.
It also said that despite the continued cost pressures on retail businesses, the firm continues to be committed to paying at least the real living wage to all directly employed staff and it will continue to be a strong advocate of sustainable practices. Its partnership with Newlife to save customer returns and end-of-line stock from landfill helps to raise money for Newlife's charitable work for children and during 2024 the company donated 549 boxes of garments to the charity for repurposing. Its collaboration with RSPB also continues into its 15th year.
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